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FinCEN releases 2012-2016 strategic plan

WASHINGTON (3/16/12)--Promoting stronger anti-money laundering (AML) and counter-terrorist financing (CFT) policies and programs worldwide are among the many goals that the Financial Crimes Enforcement Network (FinCEN) set in its 2012-2016 strategic plan.

FinCEN said it would work with its global partners to develop new AML/CFT policy and best practices, enhance bilateral and multilateral engagement with foreign regulators on AML/CFT regulation and compliance, and promote stronger global AML/CFT regimes.

FinCEN Director James Freis added the agency will work closely with law enforcement, federal and state regulators, and foreign counterparts to keep financial systems transparent and crime resistant. The agency also noted the importance of analyzing and sharing information to help detect and deter financial crime, and ensuring that data the agency collects remains useful in its strategic plan for the 2012-2016 fiscal years.

Another emphasis will be promoting "constructive dialogue" on how financial institutions can better focus their efforts on serving customers, not criminals, Freis added.